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Posted on Thursday, February 16, 2012

Legislative Update

This week, the Committee on Finance and Revenue held a public roundtable on PR19-578, the “Kingsbury Center, Inc. Refunding Revenue Bonds Project Approval Resolution of 2012.” This bill would authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to exceed $11 million of District of Columbia revenue bonds in one or more series, pursuant to a plan of finance, and to authorize and provide for the loan of the proceeds of such bonds to assist Kingsbury Center, Inc., in the financing, refinancing, or reimbursing of costs associated with an authorized project pursuant to section 490 of the District of Columbia Home Rule Act.

Upcoming Hearings

The Committee on Finance and Revenue will be holding its Fiscal Year 2011 and Fiscal Year 2012 (to date) performance oversight hearing on the following agencies on Monday, February 27 beginning at 10:00am in the Council Chambers (Room 500).

• Washington Convention Center and Sports Authority
• Board of Real Property Assessments and Appeals
• District of Columbia Lottery and Charitable Games Control Board
• Office of the Chief Financial Officer (to include the following):
o Office of Tax and Revenue
o Office of Integrity and Oversight
o Office of Finance Resource Management
o Office of Finance and Treasury
o Office of Revenue Analysis

The Committee is also holding a hearing on February 29 at 10:30am in Room 120 on the following legislation:

• B19-530, the “King Towers Residential Housing Real Property Tax Exemption Technical Corrections Act of 2011,” which would amend Chapter 46 of Title 47 to correctly identify the type of relief provided to the King Towers residential housing rental project under section 47-4639 and to clarify that such relief is in addition to, and not in lieu of, any other tax relief to which the property or its owner may be entitled.

• B19-687, the “Out-of-State Municipal Bond Tax Repeal Act of 2012,” which would amend Title 47 of the District of Columbia Code to repeal the income tax assessed on out-of-state municipal bonds held by individuals, estates and trusts, whether owned directly or beneficially through a mutual fund or otherwise.

Those interested in testifying should contact Sarina Loy.

 

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